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 Understanding VAT refunds

Government proposes amendments in VAT act
May, 05th 2012

The government has proposed to make amendments to the state's Value Added Tax Act, 2006 for auditing accounts of a registered dealer with a total turnover of Rs. 1 crore.

Currently, there is no provision in the Act for auditing the accounts of a registered dealer by a chartered accountant or a cost accountant, if the total turnover, including zero sale and sale in the course of inter-state trade or commerce exceeded Rs. 1 crore a year.

A bill for further amendments to the Act was moved by Commercial Taxes Minister CV Shanmugam in the state Assembly.

"In order to ensure the correctness of the accounts of the registered dealers, the government has decided to amend the Tamil Nadu Value Added Tax, 2006 suitably for the purpose in view," the bill said.

On the tax performance, Mr Shanmugam said that despite the general economic slowdown, his department achieved a gross revenue collection of Rs. 39544.73 crore in 2011-12, showing an increase of 27.09 per cent over the previous year.

 
 
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